Thor Ups Empire State Building Bid To $1.4B To Derail IPO

Law360, New York (September 10, 2013, 4:41 PM EDT) -- Thor Equities LLC made a revised bid for the Empire State Building late Monday, increasing its offer to $1.4 billion in cash from $1.25 billion just days after Malkin Holdings LLC filed a new initial public offering for a new portfolio entity in which it plans to include the iconic skyscraper.

The offer for the master lease at the property is “materially greater” than what the Empire State Building would be worth should it be rolled up into the Empire State Realty Trust, according to a...
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